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UBS 'rogue' trader Kweku Adoboli faces two more counts | UBS 'rogue' trader Kweku Adoboli faces two more counts |
(35 minutes later) | |
A City trader with Swiss bank UBS accused of a £1.4bn fraud was charged with two further counts as he took the witness stand for the first time. | A City trader with Swiss bank UBS accused of a £1.4bn fraud was charged with two further counts as he took the witness stand for the first time. |
Kweku Adoboli, 32, of Whitechapel, east London, broke down in tears four times at Southwark Crown Court. | Kweku Adoboli, 32, of Whitechapel, east London, broke down in tears four times at Southwark Crown Court. |
He told the court his actions were not fraudulent, but for the benefit of UBS which he considered his "family". | He told the court his actions were not fraudulent, but for the benefit of UBS which he considered his "family". |
He denies four charges of false accounting and two of fraud between October 2008 and September 2011. | He denies four charges of false accounting and two of fraud between October 2008 and September 2011. |
Mr Adoboli said he had been asked to bring his "ability to understand the interaction of systems" to the Exchange Traded Funds (ETFs) desk when he joined as a junior trader in 2006. He was arrested on 15 September 2011. | Mr Adoboli said he had been asked to bring his "ability to understand the interaction of systems" to the Exchange Traded Funds (ETFs) desk when he joined as a junior trader in 2006. He was arrested on 15 September 2011. |
'Two kids' | |
"It is not fraudulent, it is finding a way to do your job," Mr Adoboli said in response to questions from his defence lawyer. | "It is not fraudulent, it is finding a way to do your job," Mr Adoboli said in response to questions from his defence lawyer. |
The court heard that by 2007 Mr Adoboli, aged just 27, and a more senior trader, John Hughes, 25, were in charge of a portfolio of companies with assets of $50bn (£31bn). | |
"Our book was massive. A tiny mistake led to huge losses. We were these two kids trying to make it work," he said. | |
Fighting back tears, he said: "It's hard to find the words to describe the relationship I had with UBS as an organisation. | |
"It isn't about a bank. It was about what I thought was my family, considering how much [I] neglected my real friends and family. | |
"Every single bit of effort I put into that organisation was for the benefit of the bank, the people around me and the book I worked on. | |
"If I was not so proud to work for UBS, I would never put so much effort trying to convince them that we could achieve something at this bank." | |
He added: "To find yourself in Wandsworth Prison for nine months because all you did was work so hard for this bank...", before stopping as he broke down in tears. | |
He had also wiped away tears when his lawyer mentioned that his father had supported him in court since the beginning of his trial last month. | He had also wiped away tears when his lawyer mentioned that his father had supported him in court since the beginning of his trial last month. |
He again shed tears when talking about Mike Foster, who was in charge of the ETFs desk when Mr Adoboli joined. | He again shed tears when talking about Mike Foster, who was in charge of the ETFs desk when Mr Adoboli joined. |
"He wanted to make sure we could build something we could all be proud of," Mr Adoboli said. | "He wanted to make sure we could build something we could all be proud of," Mr Adoboli said. |
The judge told Mr Adoboli he should not be embarrassed by such emotion, as it was useful for the jury to get a sense of his personality. | The judge told Mr Adoboli he should not be embarrassed by such emotion, as it was useful for the jury to get a sense of his personality. |
The trial continues. | The trial continues. |